The bank knows I've got the money
September 13, 2013 9:02 PM Subscribe
We're trying to buy a house (first timers). The seller has asked for detailed proof of funds. More detail than I'd normally like to give a private party before they accept the offer. This isn't a cash deal. Does that seem odd?
posted by hwyengr to home & garden (28 answers total)
Hopefully my string of real estate questions to AskMe will come to a close soon. But we're in Chicago and we submitted an offer on a house. I had gotten a preapproval from my hometown bank earlier this summer, but we let it expire as we just weren't finding anything we liked.
When something popped up last week, we rushed a mortgage app into a local bank, well known in the city, thinking it might help the process along. Sadly, they only issued a pre qualification.
Offer went in, and we heard nothing for 2 days. Late today, the seller asked for a pre approval letter, bank statements, pay stubs, and tax returns. I guess it would be one thing if they indicated they were going to accept our offer, but they've done no such thing. We offered about 90% of ask.
My agent says he's never seen this before. The offer was about 60% of the amount we were prequalified for, and even that amount was conservative, because this is an old school bank and not some fly by night broker.
I've had to deal with identity theft before, so maybe I'm just a little jumpy. But is this normal? Would you give this info up when they've made no indication that a deal is even close?